rephrase: There are several ways to construct and interpret the Treasury yield curve, each serving a distinct purpose in financial analysis. The On-the-Run Treasury yield curve reflects the yields of the most recently auctioned U.S. Treasury securities across various maturities (e.g., 3-month bill, 2-year note, 10-year note, 30-year bond). These issues are typically the most liquid in the market. The yields for coupon issues on this curve are often adjusted to represent the yield if they were trading at par, forming the "par coupon curve." In contrast, the Treasury Strip yield curve is derived from Treasury Separate Trading of Registered Interest and Principal Securities (STRIPS), which are zero-coupon instruments created from the principal and interest payments of regular Treasury bonds. While seemingly ideal for directly observing spot rates, the strip market's lower liquidity, unfavorable tax treatment for taxable investors (accrued interest taxed annually without cash flow), and specific demand from foreign investors seeking tax advantages can distort their observed yields, making them less reliable as a pure representation of the theoretical spot rate curve. The Constant Maturity Treasury (CMT) yield curve, provided by the Federal Reserve (as seen in the H.15 release), is an interpolated curve. It represents the yields on actively traded Treasury securities, adjusted to a constant maturity basis